In response to this thread, I have posted my workflow on my blog. http://delfeld.wordpress.com/2010/03/23/away3d-workflow/
In short, though, its: Blender - bake textures and output 3d model. FlashDevelop - edit model, adding material to the object. Away3d - show the model. To unsubscribe from this group, send email to away3d-dev+unsubscribegooglegroups.com or reply to this email with the words "REMOVE ME" as the subject.
